'The number of monthly time deposit placements has grown consistently seven times on average since June last year,' OCBC's head of deposits Na Kok Peng told CNA on Tuesday (Jan 10).

OCBC said the demand for time deposits has continued to 'grow significantly' in the past few months. Some banks have also deployed more employees at branches to cope with the expected increase in customers over the festive period. Any pre-termination costs will be deducted from your deposit.SINGAPORE: Banks in Singapore have seen a surge in fixed deposit transactions amid the rising interest rate environment, prompting calls for customers to go online if they are able to, instead of queuing at branches.

You should therefore determine whether any foreign currency deposit is suitable for you in the light of your investment objectives, financial means and risk profile. Exchange controls may be applicable from time to time to certain foreign currencies. Earnings on foreign currency deposits would be dependent on the exchanges rates prevalent at the time of their maturity if any conversion takes place. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.įoreign Currency Deposits Foreign currency deposits are subject to exchange rate fluctuations that may provide opportunities and risks. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Deposit Insurance Scheme Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law.

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